I had a moment of glory in the sun today, talking about expatriation with Lynnley Browning, a reporter for CNNMoney/Fortune. I was asked why there are more and more people giving up U.S. citizenship.
“It’s the cumulative effect of the I.R.S. ‘jihad’ against foreign bank accounts,” said Phil Hodgen, an international tax lawyer in Pasadena, Calif. He said growing numbers of Middle Eastern investors were ordering their dual-citizen children to dump their U.S. passports if they wanted to inherit family-owned companies without onerous U.S. estate taxes.
There you go. Me mouthing off as usual. 🙂
Seriously, though. The United States is shooting itself in the foot with its tax policies. The ACA continues to advocate for residence-based taxation. This is the solution.